reportedly is dropping two
mutual funds from its employee 401(k) plan, dealing another blow to the mutual fund company that has been racked by allegations of improper trading.
Wal-Mart said employees were told this week that the company would no longer add money into Putnam's
Putnam's New Opportunities or
International Equity funds, media reports said.
The company didn't quantify the amount of money Wal-Mart employees had already invested in the funds, or the number of people affected, reports said.
Wal-Mart's decision is the latest bit of bad news for the beleaguered fund manager. Last week, the firm agreed to a federal settlement to pay back investors who were hurt by short-term trading in Putnam funds.
Earlier this week, two west coast pension plans, the $154 billion California Public Employees' Retirement System and the Oregon Investment Council fired Putnam. And on Thursday, drugmaker Merck said it would no longer offer Putnam funds to U.S. employees.